For what it'll cost you to get him (assuming he's still available in your league), why not stash him at the back of your rotation to see if he can keep stringing these starts together? Personally I think he's a good bet to be a pretty good SP4-5 under pitching coach Duncan in STL. There's no denying his stuff anyway. It's the consistency that has needed work. But so far so good!
i think he is a short term add. you'll want to give him a quick hook though. i hadnt really seen him pitch before this season and i've been impressed with his stuff so far. he's got good movement on his pitches. however, he isnt locating particularly well. he missed the catcher's target a number of times, sometimes by a lot. fortunately he's been what you call effectively wild. he has lead the league in walks as recently as 2005 so it wouldnt be terribly surprising if effectively wild returns to just wild at some point. might as well try to squeeze some innings out of him while he is going good though.
Perhaps a trade candidate? He has solid stuff and at least he was keeping the ball down in the zone most of the time. His breaking stuff looks good--he threw 4 straight to Carlos Lee in one at-bat and got him to 2-2.
I forget whether Lee got a hit or walked in that at-bat...but the point is he is not afraid to give them sliders and curves early in the count for strikes.
Not a bad spot starter right now. He has crazy movements on his pitches and as everyone mentioned control was always a problem for him in the past. But guys like Wells tend to put together at least one or two good seasons at this stage in their career. The change of scenery will definitely help and I can see him doing well this season.
In addition to run support and Duncan, the cardinals infield defense is could really benefit him. Pujols, Molina, and Rolen are some of the best defensively at their positions. I picked him up in most of my leagues, and like the rest of you, I'll be keeping a close eye on his walk #s as an indicator for potentially dropping him.